The Impending Launch of Solend on the Sui Blockchain
Solend, the leading lending and borrowing protocol on Solana, is set to launch on the Sui blockchain. This marks Solend’s first integration with a blockchain other than Solana, highlighting their confidence in Sui’s technology and potential as a long-term partner. Solend currently has over $140 million in total value locked (TVL) and over 170,000 users across 70 assets. With over 20 developer integrations, Solend is a prominent platform for DeFi development on Solana. The expansion to Sui will introduce Solend’s offerings to a new user community and attract more builders to the Sui ecosystem.
The Team’s Decision to Build on Sui
The founder of Solend, known as Rooter, stated that they chose to build on Sui because of the platform’s unique qualities. They believe that Sui offers a superior developer experience, addressing the industry’s aspirations for smart contracts. While most of the team is focused on Solana, they have dedicated a sub-team to Sui to leverage its potential.
The Bluefin Announcement and Product Roadmap
Bluefin, a growing decentralized exchange (DEX) with over $100 million in daily volume, announced that they will build their V2 exclusively on Sui. They have also unveiled their product roadmap for the coming years. This announcement further demonstrates the confidence in Sui’s capabilities and highlights its value as a platform for DeFi applications.
Sui’s Commitment to Security and Performance
Sui prioritizes the security of its ecosystem and has implemented security features in the Move language itself. Additionally, Sui collaborates with leading blockchain security firms to conduct rigorous audits of projects’ codebases, ensuring the highest security standards. From a performance standpoint, Sui’s use of parallel processing enables fast and scalable transactions, with benchmarking figures that showcase its efficiency.
Ease of Access and Onboarding for DeFi Protocols
Sui offers easy onboarding for new users through its native zkLogin feature, which allows authentication using familiar Web 2 social logins. This eliminates the need for users to manage wallets and seed phrases, making DeFi protocols more accessible to a mainstream audience while remaining non-custodial.
Excitement for Solend’s Integration with Sui
The Sui Foundation expressed their excitement for Solend joining the Sui ecosystem, noting Solend’s remarkable success in the industry. Sui’s scalability and efficiency align with the needs of DeFi projects, and they look forward to Solend’s continued growth on the platform.
The Well-Equipped Solend Team
The Solend team brings a wealth of experience from both the Web2 and Web3 worlds, with members previously working at notable companies. They also have support from prominent investors, including Dragonfly, Polychain, Race Capital, and Coinbase Ventures.
Hot Take: Solend Expanding to Sui Strengthens the DeFi Ecosystem
The integration of Solend on the Sui blockchain enhances the DeFi ecosystem by introducing a leading lending and borrowing protocol to a new community of users. This expansion highlights the confidence in Sui’s technology and showcases its potential as a long-term partner for DeFi projects. With Sui’s commitment to security, performance, and user accessibility, Solend and other builders can leverage the platform’s features to create innovative and secure DeFi applications. The Sui ecosystem continues to grow and attract notable projects, reinforcing its position as a key player in the DeFi space.
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